An Incentivized,

Blockchain
Enabled
Multimedia
Ecosystem

SEARCH, SAVE & BROWSE FROM:

Nicholas McEvily Amy Karr https://tokensale.current.us/

Daniel Novaes Brian Ng White Paper Version 1.2
Kiran Panesar William Ryan January 26th, 2018
Joshua Moyer
Contents 16 Earning and Spending Tokens
Tokens Earned by Consumers
Syncing Media Network & Preferences
Inviting Other Users to Current
Ad Threshold & Faster Mining
PAGE SECTION Tokens Earned by Curators
Tokens Earned by Creators
01 Executive Summary
Tokens Spent in Current
02 Vision Premium Services
Media for Web 3.0 Donations & Payments
The Streaming Generation Advertisers
03 Introduction Future Applications
Traction: A Universal Media Platform Exchanges
Scale: A Universal Media Protocol & Token
20 Economics and Network Dynamics
The Future of the Current Ecosystem
Token Stability and Value Creation
A Superior Identity Profile for Blockchain Apps Token Pool Dynamics
Decentralized Storage Infrastructure Alongside Token Redemption & Liquidity
Centralized Networks
Growth & Network Effects
Scalability via State Channels
User Growth Pool & Decay Rates
05 A New Way to Play Media A Dynamic Subscription Model
More Convenient Streaming Automatic Wallet Creation
Keeping Up with Culture Revenue Model
Avoiding Common Hurdles Governance and Transparency
Better Recommendations
23 Market Landscape
Building a Preference Profile
Incentivized Social Media & Advertising
Proprietary Recommendation Algorithm
Kin, by Kik Interactive
08 A Utility Token for the Media Industry Basic Attention Token (BAT) & Brave Browser
Purpose of the Protocol Steem
Sub Tokens & Network Tokens (CRNC) Decentralized Media Platforms
Ethereum Based Reducing Barriers to Ownership
The Importance of Cryptocurrency Ownership Advantages in the Media Landscape
27 Token Launch
10 Token and Protocol Dynamics
Token Launch Summary
Block Reward Calculation
Contribution Coefficient Funding Goals
Taper coefficient Comparibles in Media Platform Funding
Verifying Play Legitimacy Distribution of Tokens from Token Sale
Customer Attractiveness Use of Funds
Total Token Reward Roadmap
Participant List 32 Privacy and Security
Participant Token Reward User Data Collected and Anonymity
Token Value Flow CRNC Wallet
Example Calculation 33 Advisors, Investors and Core Team
37 Frequently Asked Questions
41 Appendices
46 Endnotes
Executive Summary
Get paid to stream from networks
like Spotify, YouTube, SoundCloud,
and more in an all-in-one
personalized experience.
Current is creating a digital token that uniquely
rewards a person's time, money spent, and data
shared during the media streaming experience.
This token can be used to purchase a broad range
of products, services, and in-platform advertising.
By consolidating popular media networks into one
place, Current already provides more than
200,000 users with a more convenient search and
discovery experience. With the launch of the
platform token, users will be rewarded for
streaming content from their favorite networks
like: Spotify, YouTube, SoundCloud, and more..1
The platform combines behavioral data points
surrounding the types, times, and topics played by
each person across multiple networks to serve up
better recommendations than any single network
alone.
Blockchain technology allows for a new system of
transparent accounting that is needed for the
instant valuation of time, data, and attention. The
Current protocol aligns the interests of all
stakeholders in the media consumption cycle to
create network effects that drive adoption. By
creating a new medium of exchange, Consumers
get more choice in how they pay for media;
Creators and Curators get a new form of com-
pensation, and Advertisers get more transparent
accounting and audience information.
The protocol interacts within the Current plat-
form in addition to any other host media network.
This introduces a new revenue stream and in-
centive mechanism for the host network giving it
the ability to scale effectively. Over time, dev-
elopers will leverage the identity profiles created
for future blockchain based systems.
1
Vision

Attention and personal data are now the most The Streaming Generation
important commodities on the internet.
Media, both serves as an effective place to
With an estimated buying power of $44
create an attention/data economy and is
Billion, Gen Z is spending more than 5 hours
primed for blockchain disruption. By taking a
per day on their phone,3 making them well
passive habit and correlating value to it,
positioned for cryptocurrency adoption. By
Current is setting a precedent in today’s
designing our platform with the most digitally
digital landscape. Users should get more than
active generation in mind, we differentiate
just entertainment, creators should get a
ourselves from the infrastructural protocols
bigger cut of revenue, and curators should get
developed to serve the “initial wave” 4 of avid
paid for finding the content you didn’t know
users and delivers a valuable new audience to
you loved.
the world of blockchain.

Media for Web 3.0 Gen Z and Millennials are having deeper and
more frequent interactions on video and
The web we know today was built on the
music services than ever before. They are
personal data and time of the unwitting con-
more likely to search YouTube for a given
sumer. Today, just four companies own the
question then to Google it. 5 Armed with an
internet's data.2 The next evolution of the
acute awareness, and a strong interest and
Web will recognize the value of people and re-
understanding of the digital landscape, these
define the value exchange between cons-
groups will represent the first generations
umers, and corporations.
who will be immersed in blockchain products
and services. In many cases, Current will be
When we set out to build this ecosystem, we
the first digital wallet the mainstream public
put you in mind: the everyday streamer. We
will own.
considered the variety of media you stream
and the various networks you have accounts
on, and built an agile flexible platform that
adapts to culture quickly. We didn't want you
to make any sacrifices, so we integrated with
the most popular networks. You want to con-
trol who your data is shared with and how it’s
used, so we wrote win-win smart contracts
that give you choices.

2
Introduction
Designed to evolve over time, the Current
ecosystem is being built in a hybrid fashion,
with both on-chain and off-chain solutions to
accommodate shifting market dynamics in the
blockchain, media and crypto industries. In
the short-term, the proprietary algorithm will
create personalized content recommen-
dations across networks in a universal media
platform. The Current protocol and token will
introduce new revenue streams and incentive
mechanisms that will initially be launched
within the Current platform and later be
made available for developers to leverage in
their applications.
Traction: A Universal Media
Platform (Released on iOS, March 2017)
During this phase, Current is solely sourcing
content from third-party networks like
YouTube, Spotify, Soundcloud, Internet Radio
etc. ensuring adequate supply of media, to
accelerate growth and meet user demand. At
this stage, the goal was to find product-
market fit to establish a strong foundation for
the product. With over 300 million songs and
over 1 billion videos, over 200,000 people
have used Current to listen, watch, and
interact with media. The average user spends
over 18 minutes per session and our Day 30
retention as of Q4 2017 is over 35% without
any incentives built into the platform, well
above industry standards at this stage. 6
Scale: A Universal Media
Protocol and Token
The second phase is focused on building a
protocol and a utility token that democr-
atizes the value created in the media
consumption cycle; shifting benefits from
advertisers and intermediaries to people who
are playing, creating, and curating media.
Launching initially on the Current platform,
the protocol will be built to support usage
within external networks. This offers the host
network a new incentive mechanism and
revenue source, as well as a compensation
model for their users. In turn, the pool of
token holders is expanded along with the
value of the ecosystem.
The protocol records transactions on the
blockchain that attest a user’s contribution to
the network (by consumption, or by curation
and creation) and a smart contract distributes
CRNC tokens in response to that contri-
bution. In order to handle the scalability bot-
tlenecks, while maintaining trust within trans-
7
actions, we will consider “state channels.”
3
CONTINUED FROM
Introduction
The Future Of The Current
Ecosystem
In collaboration with independent media
platforms, the Current protocol will be forked
to broaden the available market share and
create sub-tokens for each media ecosystem.
Each sub-token will have its own distribution
rules and mechanics that are customized to
the goals of the media platform. To avoid
negative impacts on the Current ecosystem,
the sub-tokens will have individual exchange
rates related to the core network token and
internal dynamics that are insulated by the
inherent nature of the sub token. By creating
a protocol and ecosystem for media platform
tokens to exist, Current is able to take a larger
stake in the streaming of content online, on
any platform.
As blockchain technology continues to
mature and adapt to market needs, the token,
the platform, and the protocol will continue to
leverage bleeding edge technologies to max-
imize value for all participants. Three such
strategies include:
A Superior Identity Profile For
Blockchain Based Applications
By aggregating the given identities of a
user from several networks, Current is in
a unique position to develop a robust
preference and identity profile. This
authentication layer allows any third
party application to utilize the user’s
identity attributes and associated data
without taking ownership of it.
Decentralized Storage Infrastructure
Alongside Centralized Networks
The platform will provide decentralized
media infrastructure to host content
across millions of devices rather than on
proprietary nodes. Fully decentralized
media distribution requires significant
and rapid industry acceptance.
Without it, consumers are left with a
limited content library. Current gradually
leverages blockchain as the general
public further adopts cryptocurrency and
the media industry transitions to a more
decentralized infrastructure. This ap-
proach allows the platform to gain
momentum and reduce barriers to entry
on both sides. Creators benefit from an
established group of token holders within
the network, and a significantly higher
portion of revenue. The platform will
leverage a protocol like IPFS or Storj as a
directory for data storage and Ethereum
smart contracts as the distribution logic.
Ethereum Blockchain Scalability via
State Channels For The Media
Industry
Using state channels, Current can build
8
upon Raiden, specifically with the media
industry in mind. Raiden’s launch has
been delayed due to the fact it's aiming to
build a universal solution that works in
several different capacities. We believe
we could add value to the industry by
launching a media specific version any
developer could build upon.
4
A New Way to
Play Media
The Current platform provides a more
convenient and thorough media search and
discovery process by consolidating disparate
content sources into one place. Aside from
reducing the number of apps needed to play
music, video, podcasts etc., the platform has
more data points available about the media
types, times, and subject matter that a person
experiences and can generate recommend-
ations better than any single network alone.
Current is available with 8 integrations and
intends on integrating more services that host
podcasts, audio books, television shows, and
movies.
More Convenient Streaming
Unlike conventional content networks like
YouTube or Spotify, which are limited by the
content hosted on their platform, Current can
access the content libraries from multiple
services through Application Programming
Interfaces or APIs. An API is a set of routines,
protocols, and tools that govern the interact-
ion of software components. 9
Keeping Up With Culture
Current integrates with external media
networks to meet the demand for popular
media only available on proprietary networks.
Using third party libraries provides Current
with an unparalleled agility to add or remove
libraries as they fluctuate in popularity.
For instance, live streaming, virtual reality
and augmented reality will become more
ubiquitous in the coming years; Current is
well suited to integrate the most popular
content networks that serve those types of
media.
Reducing Barriers to Ownership
One of the strongest attributes of CRNC is its
accessibility and immediate impact to users.
Most exchanges and crypto-enabled services
require a lengthy registration process, some
form of investment, or hardware for mining.
Current allows users to start earning CRNC
tokens immediately without any barriers to
entry. Another issue that deters new entrants
into the market is legibility of the application.
Ripple, Tezos, and many other blockchain
protocols have very complex solutions that
require a certain technical literacy and lack a
broader relatability.
With our hybrid approach, we’re able to
garner broad adoption using our existing
audience and their daily streaming media
habits through a simple user experience and
wallet integration, removing all technical
complexities associated with the adoption of
cryptocurrencies. Lastly, the other barrier to
entry revolves around accountability. Many
token sales are based on theoretical princi-
ples without any sort of product in market.
The Current Media Platform launched
the first stage of its product to the
Apple App Store in Q2 2017. 10
5
CONTINUED FROM
A New Way to Play Media
Better Recommendations
An algorithm can consolidate a seemingly lim-
itless content library into a subset of options
that users can understand and make choices
from in moments. In order to make any given
list of information more manageable, a recom-
mendation system must model users’ prefere-
nces accurately, uncover hidden preferences,
and avoid redundancy.
Current’s proprietary recommendation algo-
rithm leverages both Content Based Filtering
and Collaborative Filtering to determine in
what media users are most interested. Using
machine learning and neural networks, our
algorithm will self-amend and change incre-
mentally based on the relational information
it defines. 11
Building a Preference Profile
A preference in this circumstance is def-
ined as a combination of inputs / actions
that jointly indicate a greater enjoyment
of one media item over another or others.
Media items are defined by their meta-
data: artist name, album name, song
length, beats per minute, genre type,
mood type, era of origin and social data
including likes, follows, comments, and
shares and other qualities. Types of
media are broadly represented by var-
ious audio and visual formats including
music, video, podcasts, posts, articles,
audio books, TV shows, movies and other
media yet to be popularized.
The Current system begins building an
individual’s preference profile at the start
of a user’s journey, after they select a
genre from a predefined list. By finding
other content with the same, or similar
genre, the content filter provides an init-
ial set of recommendations with varying
degrees of strength. The system funnel
further analyzes each media item to crea-
te a relationship between one another
and make recommendations based on
strong attributes like user plays, saves
and skips.
Over time and with the addition of profile
information from third party integrations,
the preference profile can become more
robust than a similar model built on any
single external network. As new types of
media are added to Current and users
interact with a more types of content, our
preference profile will be in a unique pos-
ition to identify commonalities between
different types of media, such as, podcas-
ts to videos, audiobooks and articles and
so on.
Proprietary
Recommendation Algorithm
Our recommender system is based on
two filtering methods: Content Based
Filtering and Collaborative Filtering.
While Content Based Filtering offers
recommendations of new tracks similar
to a user’s past consumption history,
Collaborative Filtering offers recommen-
dations to a user based on what other,
similar users listened to.
6
CONTINUED FROM
A New Way to Play Media

While Content Based Filtering uses fea-

tures generated from textual metadata
(genre, category, keywords, embedded
description words), Collaborative Filter-
ing calculates the correlation between
the vectors which represent user con-
sumption history.

To improve efficiency with sparse data,

the Current algorithm measures the
cosine similarity between two vectors
(representing users or tracks). Using a
matrix of users and tracks the algorithm
measures the magnitude of a user’s
perceived value of the media through the
vectors in a corresponding graph. We
then analyze the cosine distance between
two vectors to make recommendations:

Recommendation Algorithm Runs Off-Chain

The user is the magnitude of a track play,

where “i” and “j” are two users and this
formula is applied to a specific track. The
smaller the distance between two vec-
tors, the higher the similarity between
two tracks or users.

To further improve our recommendation

accuracy, Current will also employ fea-
tures generated by convolutional neural
net and autoencoder models in our Con-
tent Based Filtering algorithm.

7
A Utility Token for
the Media Industry
Purpose of the Protocol
The primary objective of the protocol is to
evolve based on market adoption, and there-
fore will be rolled out incrementally. The
initial function of the protocol is to reward
participants of the consumption cycle in three
steps: (1) verify the initializer; (2) calculate the
value of the action to the network, and (3)
calculate the appropriate token reward to
distribute to the contributors. At the outset,
Current will have a main initializer that is
triggered by the consumption of more than 30
seconds of play (consumption is also referred
as “mining” within the Current whitepaper).
Sub Tokens and Network
Tokens (CRNC)
Current will stake a portion of CRNC for each
newly issued platform sub token allowing
token immediate liquidity to occur for any
network participations. Sub tokens can then
be instantaneously traded for CRNC or any
other token within the ecosystem.
Current will be integrating with the Bancor
Protocol in order to provide liquidity and
formulaically determine the price of sub
tokens. The CRNC token mining pool will
incentivize large media networks to use and
implement the Current protocol by aligning
incentives between host platforms, con-
sumers, creators, and curators. This allows
the protocol to achieve mass scale and more
comprehensive datasets around user
preferences and trends.
Current will stake a portion of CRNC for each
newly issued sub-token allowing token
immediate liquidity to occur for any network
participation. Sub-tokens can then be
instantaneously traded for CRNC or any
other currency within the Current/Bancor
ecosystem.
Current creates an easy to use onboarding
that brings traditional media networks onto
blockchain technology, adding immediate
value to their company, while bringing them
up to date with consumer expectations. By
creating an eco-system for media, Current is
able to bring an immediate value to all media
online and own the landscape of how media
interactions are rewarded, no matter the
platform.
Ethereum Based
Tokens will be implemented on the public
Ethereum blockchain as an ERC20 token.
With incremental advancements, one of the
largest developer communities, and top-tier
backing the Ethereum blockchain has be-
come the industry standard for issuing
custom digital assets and smart contracts.
The ERC20 token interface allows for the de-
ployment of a standard token that is com-
patible with the existing infrastructure of the
Ethereum network (i.e., wallets, dev tools, and
exchanges.) Although limitations in tran-
saction speed exist, leveraging off-chain
payment channel networks such as Raiden
address these bottlenecks. 12 Advancements
such as these allow platforms to track micro-
transactions down to the second.
8
CONTINUED FROM
Token And Protocol Dynamics

Current only measures consumption on

multimedia networks. As of now Current does
not plan on measuring contribution on plat-
forms such as Facebook or Twitter. Alternate
initializers will be considered in the future.
Once the initializer is verified, the contrib-
ution is attributed to the appropriate partici-
pants (see page 13 - Token Value Flow).

The Importance of
Cryptocurrency Ownership
At large, cryptocurrency ownership increases
participation in blockchain enabled products
and propels advancements throughout the
industry. Within Current, scaling the user
base is a key factor in the valuation of CRNC.
The larger the population of holders, the more
momentum the technology can gather. The
favorable reception of bitcoin in financial
markets has led to a certain foundational
strength on which to build upon. Going be-
yond transparency, cryptocurrency allows for
real-time payments down to the fraction of a
cent, which offers more control to both the
subscriber and provider like never before.

9
Token and Protocol
Dynamics
Current’s blockchain attribution protocol ac- Content and Value Flow
curately and transparently compensates con-
tributions to the recommendation algorithm
and overall growth of the Current ecosystem.
A token is “mined” when a user plays media
within the platform. Each token that is mined
is split amongst the the creator, curator, con-
External Service
sumer and potential referrer.
APIs

Stakeholder List Content

Consumer
The person playing the media and pay-
ing for subscriptions
Current API
Curator Off-Chain
The person organizing the playlist or
bringing the content into the network
from an external source Client Play
Data
Content
Creator
The person or group responsible for the
content being played

Referrer Protocol
The person responsible for bringing the x3yz10qp409er69hgjm3

consumer onto the platform

Growth Pool Client Smart Contract

The pool of tokens that ensures liquid-
ity and proper supply in the total token Token
supply pool Reward

Stakeholders

10
CONTINUED FROM
Token And Protocol Dynamics
Block Reward Calculation
In order to ensure liquidity and supply, the
Block Reward (Br) calculation maintains a ratio
of available supply to demand. Each block is
eq-ual to 3600 seconds or one hour of con-
sumption (mining) done by a consumer. With
every 100,000,000 blocks mined, the block
reward changes in proportion with the
number of tokens left in the system. This is
known as a Block Cycle (Bc).
((Tp - To) + Cp)
Br = Bc
1,000,000,000
Variables
Br = Block Reward
Tp = Token Pool
To = Token’s Out (During a single block cycle)
Cp = Growth Pool (During a single block cycle)
Bc = Variable which increases as the
number of block cycles increases,
rate TBD where inflation > 1,
deflation <1, Baseline =1
Total Token Supply: 1,000,000,000
Contribution Coefficient (H)
Not all user consumption is equal. The
Contribution Coefficient (H) is designed to
disincentivize illegitimate plays, and to ident-
ify the most influential contributors to its net-
work. It is calculated with data points from
the Current platform via a centralized oracle
operated by the Current Corporation, then
injected into the blockchain.
Taper Coefficient
There are many reasons to discourage
long, continuous mining. Firstly, adver-
tising research suggests that ad fatigue
decreases attention; secondly, we want
to discourage consumer fraud where
users “play” media without authentically
paying attention to it. We define a “ses-
sion” as a time period of continuous min-
ing with some minimum time apart from
the next session. We designed a coeffi-
cient function in which marginal reward
tapers off as session length increases. The
cumulative award then is naturally its
integral.
Verifying Play Legitimacy
The play legitimacy likelihood is a coeffi-
cient designed to prevent inauthentic
plays from mining CRNC. This coefficient
will be regularized so that it is consistent
across the network in the majority of
cases and 0 (zero) for identified frauds on
a by-user basis. Our proprietary algor-
ithm solves an anomaly detection prob-
lem based on features generated from
Current platform usage, like app foregr-
ound consumption, advertisement inter-
action, and session velocity and length.
11
CONTINUED FROM
Token and Protocol Dynamics

This algorithm is computationally expen- Similar to verifying play legitimacy, this

sive, and presently the required data calculation requires a significant amount
points are located off-chain. For these of data located off-chain, and would incur
reasons, our anti-fraud checks will be large transactions cost if performed on-
performed by the off-chain Current API. chain. For these reasons, the majority of
We’ll consider moving these checks on- these calculations will be conducted in an
chain once more of our data moves on- off-chain API.
chain, and if on-chain transaction costs
fall to an affordable rate.
Total Token Reward
Customer Attractiveness
The total token reward is the result of the
The customer attractiveness ratio is a block reward, time spent consuming media (in
coefficient within 0 (zero) and 1 which seconds), and the user’s contribution coeffi-
represents the degree to which the user cient
is integrated in the network, coupled with
the likelihood that the consumer notices
the ad.
Tr = (S Br H)
1. Attractiveness of user based on attri- 3,600
butes, learnt on data from advertisers
and in-platform analytics Variables
Country
Gender Tr = Token reward
Occupation S = Seconds spent consuming
Age group (Where S must be 30)
Income level Br = Block reward
User preference data H = Contribution coefficient
App foreground vs background use 3600 = 1 Block
Calendar access
Location access
Number of accounts connected
- Spotify preference profile
- YouTube preference profile
- Third-party preference profiles

2. Likelihood of user interaction and

clickthrough with ad, learnt on in-app
data

3. Incentives for in-network participa-

tion

12
CONTINUED FROM
Token and Protocol Dynamics

Participant Token Reward

For calculating the Participant Token Reward
given to consumers, curators, creators, refer-
rers, and the growth pool, the following form-
ula will be used:

PTr = Tr U
Variables
Tr = Token reward given out
PTr = Participant token reward
U = The portion of the overall
token’s distribution to participants.

13
CONTINUED FROM
Token and Protocol Dynamics

Token Value Flow

The diagram below represents the baseline distribution structure of tokens mined through media
consumption. For some media items consumed, the distribution may vary based on the presence or
absence of a referrer or curator.

Token Percentage Split Use of CRNC

Spent within Current platform or

Consumer 55% with external partners
Traded on external exchanges
Total Token Supply

Creator 20% Spent or traded

Protocol

Spent or traded
Curator 20%
Returned to Current if acting curator

Referrer 3% Spent or traded

Growth Pool 2% Returned to Current’s total token

supply to perpetuate platform growth

For consumers this is 55%, creators and curators this is 20%, for referrers this is up to 3%, and for the growth pool this is
2%. *When content is consumed and a 3rd party curator is not present, Current is awarded the 20%. **While a creator
has less than 36,000 seconds (10 total hours) streamed on the platform their 20% share of tokens will be allocated to
the growth pool until their escrow account is minimum is met. ***If a referrer is not present the 3% is awarded back to the
growth pool. ****The growth pool will be allocated 2% of each token in all instances.

14
CONTINUED FROM
Token and Protocol Dynamics

Example Calculation
Block Reward Participant Reward

Steve consumes 1000 seconds of content PTr = Tr U

and his contribution coefficient (H) is 4.2.
The block reward for the block cycle is Steve’s Token Reward (55%):
currently at 0.49 and no one referred
Steve to the network. 0.313 = 0.57 0.55

((Tp - To) + Cp) Creator’s Token Reward (20%):

Br = Bc
1,000,000,000
0.114 = 0.57 0.20

((498,989,878 - 8,876,746) + 854,874)

0.49 = 1 Curator’s Token Reward (20%):
1,000,000,000
0.114 = 0.57 0.20

Token Reward Growth Pool Token Reward (5%):

(S Br H) 0.028 = 0.57 0.05

Tr =
3,600

((1,000 .49) 4.2)

0.57 =
3,600

He “mined” 0.57 tokens and was awarded

0.313 for his participant reward, which is
calculated in the following example.

Key Takeaways
Current will initially provide a proto-
col and token that can be used within
the Current platform and ultimately
on external media partners. Current
brings value to all players in the media
consumption cycle.

15
Earning and
Spending Tokens
The main way to accumulate platform tokens
is by playing media within the Current
platform. As the platform increases its
reliance on blockchain technologies, stake-
holders are impacted differently.
Tokens Earned by Consumers
The amount of tokens earned by the user is
reliant on their contribution coefficient and
the number of referrals they've made suc-
cessfully. All users who consume media on
Current from any of our content integrations
will be awarded platform tokens.
Inviting Other Users to
Current
A user may invite others to Current and
earn up to (3%) of their distribution value
of tokens each new user earns in per-
petuity. Current may implement a split of
the 3% where both the referrer and the
referee each get a (1.5%) share of the
tokens the new user earns.
Example: Tom joined Current on his own.
Tom Invites Steve and then Steve invites
Jerry.

Syncing Media Networks Tom = 55% of his TR (Token reward) +

and Preferences 1.5% of Steve's TR
A user’s ‘mine rate’ is impacted by the
Steve = 55% of his TR + 1.5% bonus of his
amount of data that is tied to their
own TR + 1.5% of Jerry’s TR
account. They can increase this rate by
syncing third-party profiles. This incent-
Jerry = 55% of his TR + 1.5% bonus of his
ive increases user inputs and allows the
own TR
recommendation algorithm to provide
more personalized content. As the Cur-
rent network grows, more value is
created and a more robust recommend-
ation platform with exponentially greater
content integrations will emerge for
users.

16
CONTINUED FROM
Earning and Spending CRNC

Ad threshold and Faster

Mining
New users will be shown ads until they
have 5 tokens in their wallet (or the
equivalent of the lifetime value of a free
user within Current). Ads will reappear if
the user’s balance drops below this
threshold. Users do not need to trade in
tokens to eliminate ads post-threshold. If
a user chooses to keep ads activated, this
will positively affect their con-tribution
coefficient, effectively allowing them to
mine tokens faster.

example
Opt-Out of Ads earn 1x CRNC
Ads
Displayed
While consuming
media & earning CRNC example
Opt-In to Ads earn 2x CRNC

Ad-Threshold
When user accumulates
5 CRNC or the equivalent of
their current Life Time Value

17
CONTINUED FROM
Earning and Spending CRNC
Tokens Earned by Curators
Within Current, users are able and encourag-
ed to curate multiple media streams into
Channels. These channels act as “folders” of
content from multiple media networks.
Current will reward users who curate popular
channels within the network by measuring
the amount of time spent on their curated
media.
The curators get a 20% share of tokens based
on the consumption of their channels and
playlists. Since consumption is the primary
method of measurement for their reward, the
contribution coefficient of the users that the
curators curate for determines how many
tokens the curator will earn per session.
Tokens Earned by Creators
At present, the Current platform provides
content through a series of content integra-
tions. Together, these integrations provide
Current users with an unprecedented catalog
of media. In early 2019, Current will allow for
the direct upload of content to its net-work
and will distribute that content in a
decentralized manner.
To strategically bring creators onto the
platform, Current will be allocating 20% of
each earned token to the creators of the
media consumed within Current regardless of
the media item’s source network. All earnings
are held in escrow until the creator joins the
network and claims their wallet.
An escrow account is created once a creator
has accumulated 36,000 seconds (10 hours)
of streaming, until then the tokens associated
with these smaller creators will go towards
the growth pool. If creators do not claim their
wallets within 12 months, a 10% monthly
decay rate is imposed. This time limit motiv-
ates creators to join sooner and also safe-
guards the platform from having too many
tokens out of circulation. All decayed tokens
will ultimately go back to the token pool via
the growth pool.
Once on Current, creators will continue to
upload their content to their platform(s) of
choice (Spotify, Youtube, Soundcloud, etc.)
and a user would then consume that content
via the Current platform. The creator will get
paid their usual license fees from the integra-
ted platform (ex. Spotify or Youtube) in addi-
tion to getting a 20% allocation of the earned
tokens from Current. As the platform further
integrates decentralized storage, Creators
can earn 100% of their revenue when paid in
tokens.
With these mechanisms, users can better
support their favorite creators by consuming
on Current and helping them earn more for
their work.
18
CONTINUED FROM
Earning and Spending CRNC

Tokens Spent on Current Future Applications

Tokens can be used as a cash substitute As the platform grows it's reasonable to
within the Current app for digital and physical say tens of millions if not more users will
goods. be holders of CRNC and its subtokens.
The Current Network will provide
Premium Services support to enable other applications to
use tokens for goods outside of the
Users can use tokens to pay for premium
Current platform.
services on Current. Such services may
include offline listening, Ad-free stream-
ing, exclusive uploaded content, and
memberships to premium networks with
which Current integrates.

Donations and Payments

Tokens can be sent to other users within
the platform. As our platform expands
users will also be able to use tokens to
buy tickets, physical goods, and other
services.

Advertisers
Tokens will be the primary currency
within Current. Advertisers seeking
direct relationships with Current will
need to acquire tokens in order to
promote campaigns within the Current
network.

Key Takeaways
Tokens are split amongst participants
to seed the platform with a useful
cryptocurrency that initially serves to
reduce subscription costs for con-
sumers and ultimately to support
creators who upload their content to
Current.

19
Economics and
Network Dynamics
The Current token economy is based on the
number of users playing media in the Current
network and their contributions to the net-
work. The network has several stabilization
tactics that help balance token outflows and
inflows within the network.
Token Stability and Value
Creation
Economics teaches us that value is sub-
jective. Economic value for an item is created
because people desire that item for one
reason or another.
As Bitcoin came into existence in 2009 and
adoption spread, the value of the virtual
currency skyrocketed. In 2016, Dutch econ-
omists Von Oordt and Bolt published a model
to analyze virtual currency exchange rates
and what factors led to value creation. They
found that three components are important:
1. The existing use of virtual currency to
make payments
2. Forward-looking investors buying the
virtual currency; effectively regulating
its supply
3. The factors that together will drive
future consumer adoption and merch-
ant acceptance of virtual currency. 13
The basis of their theory came from
economist Irving Fisher’s observation from
1911,14 that speculators may effectively limit
the money supply by withdrawing money
from circulation in anticipation of higher fu-
ture utility.
Limited issuance currencies such as Current’s
digital tokens and Bitcoin fall into this
category. When initially pricing the token sale
and creating the foundational layer behind
the network’s ecosystem, these factors were
taken into consideration.
Token Pool Dynamics
Limit the total supply of tokens to
1,000,000,000 (1 Billion) tokens
To eliminate the need for issuance of
future tokens, we’ll create a user
growth pool by taking a percentage of
each token earned. The growth pool
tokens gets put back into the miners
reward pool after each block cycle
Reward users for their contribution
while accounting for difficulty via
contribution coefficient and block
cycle variable as platform grows
Introduce a decay rate for long-time
inactive users
Create a baseline market rate for the
tokens via token sale and reward
ecosystem
20
CONTINUED FROM
Economics and Network Dynamics
Token Redemption & Liquidity
Allow tokens to be traded in for pre-
mium services and goods
Ensure tokens will only be mined post
token sale or purchased by
advertisers
Implement future use cases for the
Current token that promote further
liquidity (method for advertisers to
buy direct ads, future outside
application use)
Growth and Network Effects
Entry point into cryptocurrency for
mass market by rewarding a daily
habit: media consumption
Reward all participants of the media
consumption cycle (consumer, curat-
or, creator)
Incentivize growth and improv-
ements of the platform via contr-
ibutions of the community (consum-
ption, time, attention, referrals, user
data integrations)
User Growth Pool and Decay
Rates
The Current Growth Pool is always awarded
2% of every token mined within the system.
This will ensure that the token reward pool
never goes to zero and make future token
releases unnecessary. In addition to this built-
in distribution mechanism, the Growth Pool
also receives token inflows from inactive
accounts.
A 10% monthly decay rate begins after 6
months of neglect, at which point tokens are
directed back into the Current Growth Pool
via the smart contract. This continues until
the use of the Current Media Platform
resumes (a valid 30 second play or more).
Users will be notified of this when they join
and repeatedly before the 6 month mark.
Similarly, a 10% monthly decay rate will be
imposed for creators who do not claim their
escrow tokens within 12 months of being
awarded them. This is done to ensure tokens
are not lost within the platform by users who
abandon. If a user decides to store his tokens
on a third party or offline wallet no decay rate
will be imposed.
21
CONTINUED FROM
Economics and Network Dynamics

A Dynamic Subscription Model
The Current token creates a dynamic sub-
scription model for streaming: one which, by
allowing users the choice of toggling ads and
subscribing to premium services, efficiently
captures consumers’ willingness to pay for
premium serv-ices against viewing ads.
Evidence from the financials of two streaming
services, Spotify and Pandora, show that
consumers brings 30% - 40% higher revenue
on a subscription over an advertising model
(see Appendix #1 for
15
a comparative analysis).
Yet the subscription segment across almost
all services is smaller than that for free-tier
users.
Users may invite their friends in which case
they will earn more tokens for contributing
new users to the network. Our mission is to
make sure everyone can participate and get
tokens early, even if they have never pur-
chased virtual currency before.
Revenue Model
We envision five main ways of creating value
and a sustainable ecosystem for CRNC:
1. Users trading their tokens in for pre-
mium subscriptions and services
2. Ad impressions before and after the
ad-threshold is reached

In addition, the standard binary “advertising
or subscription” model does not efficiently
capture different consumer demand elastic-
ities: especially those who value an ad-free
experience, but do not necessarily consume
enough to warrant a full-priced subscription.
3. Third-party service fees for access to
Current identity profiles
4. Brokering the sale of tokens to
Advertisers from token holders (Con-
sumers, Creators, Curators ) within an
internal marketplace

Automatic Wallet Creation 5. Earning a 20% token share from media

Scaling the user base is a key factor in the played in any of Current’s curated
valuation of the token. As such, Current will channels
allocate a minimum of 10,000,000 (10 Million)
tokens for distribution to early users for
simply claiming their wallet within the
Current platform. The amount will be relative
to the cost of acquiring those users through
traditional channels and will not be designed
for wealth creation. This incentivizes early
participation in the network from people
outside of the cryptocurrency field of interest.

22
CONTINUED FROM
Economics and Network Dynamics

Governance and Transparency As part of this process, Current will open

Today, the biggest issue facing blockchain
companies doing token sales is the lack of
transparency to the public. It puts all block-
chain based projects at risk, thus Current will
be implementing a core initiative we share
with many amazing companies “Default To
Transparency,” 16 where our community is
provided with the information they deserve.
source the protocols and several components
of the media platform to the general public.
This allows our community of developers to
build and expand the network and, ulti-
mately, the holders of Current tokens. This
transition is a statement of our dedication to
our community and encouraging an en-
vironment where all participants benefit from
its success.

Starting in Q4 of 2018, we will send quarterly

reports to all backers because we believe
token sales should operate in a transparent
manner. A lack of transparency can create a
lack of trust. In addition, we felt it would be
imperative to add additional governance
mechanisms into the Current ecosystem that
facilitates the growth of the platform
alongside community supported development
and greater good objectives.

From the onset, Current will reserve 3% of

the token pool for the creation of the Current
Foundation. In the beginning, Current will
serve on the Foundation's board of advisors.
Over time, we will move towards the inclusion
of key community members to aid in the
oversight of the Current Foundation’s goals of
long-term network governance, long-term
support of token holder interests, transition
to an open-sourced and decentralized
platform, partner programs, greater good Key Takeaways
programs, and academic grants that include
The Current economy has been de-
investments in technologies that benefit the
signed to combat fraud and reward
ecosystem.
contributions but ultimately requires
certain mitigation tactics to remove
bad actors from the community.

23
Market
Landscape
Most of the blockchain-enabled media
companies are focused on areas such as copy-
right attribution and decentralized
distribution. Only a few of them are focused
on incentivizing social media and advertising.
Our analysis of the market landscape located
several media-related tokens and revealed
trends that have influenced our commitment
and vision.
Incentivized Social Media &
Advertising Landscape
This market segment ecompasses a cross
section of incumbents pairing a daily habit
with a simplified user experience that aims to
remove the common barriers and technical
complexities associated with the mainstream
adoption of existing blockchain enabled
products.
Kin, By Kik Interactive
Kik’s successful experiment using a non-
blockchain digital currency within their
messaging platform validated that a de-
centralized currency could also take hold.
After its implementation, the monthly
transaction volume hit nearly three times
the global transaction volume of Bitcoin,
17
their users proved their ability to quickly
adopt and use the currency.
The Kin token will be used to reward
users for their contributions to the
ecosystem. As an established platform
with millions of users, Kik will benefit
from fast and broad adoption of Kin.
Kin, much like Current’s token, will be
used to reward creators, access premium
content, and pay for goods and services
within the ecosystem. While in a different
market segment from Current, Kik has
proven that a the 13-24 year old demo-
graphic has a strong willingness to adopt
a digital currency with low barriers to
entry.
Basic Attention Token (BAT) /
Brave Internet Browser
Brendan Eich, the founder of Javascript
and co-creator of Mozilla, created the
Basic Attention Token (BAT) to facilitate
value exchange in the Brave Internet
Browser’s digital advertising market-
place. Brave is an open-sourced, privacy-
focused internet browser that blocks
malvertising and ad-trackers while
accurately rewarding publishers and
advertisers through smart contracts on
the blockchain.18 While capitalizing on the
security and privacy conscious desktop
internet user, they’ve also grown a
modest user base of blockchain early
adopters from the momentum of their
successful ICO which raised $35M.
Similar in the way that BAT commod-
itizes and rewards for “user attention”
using web and publisher content, Current
is directly applying to multimedia con-
sumption.
24
 CONTINUED FROM
Market Landscape

Steem Current is not impeded by rights attribution, a

limited population of cryptocurrency holders,
Steem is an incentivized social media or a limited content library. There’s never a
platform, which is similar to Reddit and shortage of cryptocurrency holders on the
uses the its own blockchain and pro- Current platform because all users
prietary tokens to reward and moderate immediately earn CRNC by streaming media.
discussion.19 ,,Their platform has seen The content library and rights attribution
considerable growth within their core issues are handled by our external media
demographic of cryptocurrency enthu- partners.
siasts and early adopters from the pro-
liferation of interest in digital currencies
and blockchain technology. Steem’s
community reward system is similar to
Current’s; however, their reward system
requires input from users - reading con-
tent, voting, and commenting. Current’s
users earn tokens merely from their con-
sumption patterns within the platform.

Decentralized Media Platforms

Blockchain technology is poised to be as
disruptive to the Media Industry as digital
recordings and the internet have been.
Decentralized computing, and the distrib-
ution models enabled by it, level the playing
field so newcomers and established creators
can both thrive. Broader audiences and more
transparent payments top the list of benefits
to creators and consumers. However, new
decentralized platforms, like Ujo, Opus, JAAK Key Takeaways
and SingularDTV face issues like industry User attention is being commoditized
lobbying, adoption rates, prior crypto- across several mediums including
currency holdings, limited content libraries messaging, web browsing, and media
and technical hurdles. production. Platforms, like Kik, have
validated the adoption of a digital
currency within the 13-24 year old
market; Current aims to penetrate
that market from a media streaming
standpoint.

25
CONTINUED FROM
Market Landscape

Advantages in Media Landscape

While there are certainly other companies within the media and social landscape looking to
capitalize on blockchain technology, Current encompasses a much broader spectrum of content
offerings using our hybrid approach than any one company in the same market can offer.

Coming Soon Currently Available

Opus* YouTube Spotify TuneIn Current

Worldwide
Availability

Free Offline
Access

AM/FM &
Internet Radio

Audiobooks &
Podcasts

Robust Video
Library

Decentralized
Media

Accepts Crypto
as Payment

Rewards
Consumers

*Prelaunched Decentralized Blockchain Media Company

26
Token Launch

The primary purpose of the token launch is to effectively kickstart the token market and support
Current Media in further developing technology that contributes to the market. Bonuses will be
provided to early investors with a short lockout period after the sale to bolster stability.

Symbol CRNC Sale 350,000,000 CRNC

Amount
Role A utility token used to
purchase goods, premium Exchange est. $0.24 <> 1 CRNC
services, and ad inventory Rate
within the Current platfrom
Minimum 0.03 ETH
Total 1,000,000,000 CRNC Transaction
Supply
Soft Cap $5,000,000
Accepted ETH, BTC, NEO
Payments
Hard Cap $36,000,000
Public Presale February 7, 2018
Period (12:00AM CT) - Token To Be Announced
February 21, 2018
Contract
(11:59PM CT)
Address
Main Sale March 14, 2018
Period (12:00AM CT) - Smart contracts will distribute tokens within one
month of the token sale.
April 4, 2018
(11:59PM CT) Token giveaways will be used as a marketing and
growth tactic. “Claim Your Wallet” will launch March
21st, 2018 to transition our existing user base into the
Claim Your March 21, 2018 blockchain ecosystem and create awareness.
Wallet (12:00AM CT)
Campaign Any unsold tokens will be locked in escrow for two (2)
years and then returned to the token supply.

27
CONTINUED FROM
Token Launch
Funding Goals
As with any crowdsale, it’s difficult to fore-
cast the total amount that will be raised.
Current has created several funding scen-
arios that outline how resources will be al-
located. The amount of capital raised during
the token sale dictates the level of impact we
have on the cryptocurrency and media in-
dustries.
$5M
Blockchain attribution protocol im-
plementation within Current plat-
form. Launch incentive structure and
v2.1 of the Current platform.
Integrate other music and audio ser-
vices within Current, enable legal
offline content consumption tech-
nology from the most popular third-
party streaming services such as HBO,
Netflix, Youtube etc.
$7.5M
Launch Android App. Partner with
external media networks to introduce
platform tokens to their user base and
host platforms.
$10M
Partner with external media networks
to introduce CRNC to their user base
and platforms. Launch web and desk-
top apps.
$12.5M
Expand audiobooks, podcast, and
video library. Launch premium service
bundling plans. Customize all aspects
of the ecosystem in local languages.
$15M
Expand integrations with TV & Film
networks across the world. Expand
our content catalog of worldwide
music and audio services.
$17.5M
Launch TV OS Apps, Live TV channel
integrations, launch the advanced
version of the recommendation
algorithm. Expand Asian market of-
ferings.
$20M
Launch decentralized distribution
protocol within the Current eco-
system. further expand worldwide
content offerings and integrations.
Over $20M
Strategically acquire smaller players
in the music and video space to rapidly
increase user base and holders of
Current tokens. Expand our own
content library with direct part-
nerships with media studios and
license holders, incentivize creators to
create custom content for direct
upload to the platform, further
expand worldwide content offerings
and integrations, expand direct selling
efforts to physical goods and services
via tokens.
28
CONTINUED FROM
Token Launch

Comparibles in Media Platform

Funding
This list of media companies and their total
funding amounts illustrate the amount of cap-
ital required to build the early stages of a
superior media platform.

Spotify $1.56B

Hulu $683M

Soundcloud $362.82M

Deezer $217.47M

Saavn $110M

TuneIn $103.12M

Slacker Radio $70.66M

Scribd $47.76M

Pluto TV $43.5M

Vudu $36M

TubiTV $30M

Stitcher $18M

Key Takeaways
Significant capital investment is
required to build and scale media
companies.

29
CONTINUED FROM
Token Launch

Total Token Supply Allocation

Our fixed token supply, of 1 Billion tokens will be allocated in the following ways

35% Mining Rewards 10% Community Growth &

For providing growth to the platform, algo-
rithm advancement, data to the platform,
consumption, distribution, maintaining and
growing the platform, and more
35% Token Sale
For funding research, engineering, platform
development, marketing, business develop-
ment, partnerships, support, admin costs and
more
17% Team & Advisors
For early team members, future team mem-
bers, early contributors and individuals ad-
vising the Current team in media, growth,
blockchain technology, and fundraising
Strategic Partners
To support community growth programs
such as the “Claim Your Wallet” campaign
and strategic partners who have and will
continue to shape and grow the ecosystem
3% Current Foundation
For long-term network governance, transition
to a fully open-sourced and decentralized
platform, partner support, and academic gra-
nts

Use of Funds From Token Sale

Distribution of funds received from the sale of 35% of our total token supply

40% Development & Research 25% Operations, Business, & Corporate

Development costs are dedicated to full-time
salaries, contractors, research, platform and
hosting fees
30% Marketing & Platform
Development
Building a robust marketing campaign in sev-
eral languages, user acquisition, building up
brand awareness
Development
Growing business via strategic partnerships,
additional content integration partners, ac-
quiring or partnering with well known plat-
forms relevant to growing the CRNC token
holders
5% Legal & Administrative
Legal, accounting, hardware, rent and other
third-party services needed to run an or-
ganization

30
 CONTINUED FROM
Token Launch

Roadmap
Protocol Platform Operations

APR 2016 APR 2016

Commence Project Finalize Seed Round

Q3 2017 MAR 2017

Protocol Feasibility Analysis Launch v1 Current Platform JUN 2017
CRNC Whitepaper
PHASE 1

AUG 2017 JUL-DEC 2017

Add Radio Integration Token Sale Preparation
Q1 2018
SEP 2017
Initial Protocol Development
Platform Stability,
Offline Capability

DEC 2017
Current v1.2 Update,
New Discover & Library UI JAN 2018
Token Sale Announced to Media,
Marketing Campaigns, and
Bounty Program

FEB 7 - FEB 21, 2018

Public Presale
PHASE 2

MAR 14 - APR 4, 2018

Q2 2018
CRNC Wallet Generation
Q2 2018
Current v1.3 Update,
Performance & Scalability
Main Sale Launch,
Claim Current Wallet Campaign
Allow anyone to participate
APR 4, 2018
Token Sale Concludes

Q2 2018 APR / MAY 2018

Q3 2018
v1 Launch Blockchain Attribution
Reward users for consumption
Video Integrations: Netflix, Hulu, Distribute CRNC Tokens From
Record Offline Video Token Sale
Q3 2018
Launch Android Platform
Q4 2018
Expand Operating Systems,
Launch iPad, Smart TV based platform

Q1 2019
v1.2 Blockchain Attribution
Allow any network to access and
integrate our protocol
Q1 2019
Decentralized Content Distribution
Creators earn 100% of revenues
Q4 2019
Current Ad Platform

31
Privacy and Security
User Data Collection and
Anonymity
We realize that some users may be skeptical
of our usage of the data collected based on
past experiences with other software or-
ganizations. Like many market leaders,
Current puts the user at the helm and gives
control with opt-in, opt-out features.
Users can choose whether or not to con-
tribute to the algorithm and earn token re-
wards at a faster rate. Users decide what to
share with the network and adjust their
privacy settings accordingly, with most per-
sonally identifiable pieces of information
decoupled from preference data. Current is
dedicated to the security and privacy of our
community members and will be keeping all
private data on the user’s device.
The Current ledger system intends to explore
the implementation of the ANONIZE 20 algo-
rithm amongst other measures to further
protect user privacy. Current will continue to
make this a top priority as the platform e-
volves.
CRNC Wallet
Current will use the Ethereum MultiSig wallet
as our standard. CRNC will be fully compliant
with ERC20 standards in order to ensure that
the tokens are compatible with all Ethereum-
based wallets (Mist, Geth, Metamask).
In the Current Media Platform, users have
read-only access to the amount of tokens
they’ve earned from their contributions.
Within the platform, users will be supplied
with an encrypted key that changes every 20
seconds. Users will then use this as one of
their signatures as part of a two-factor
authentication apart of the CRNC wallet that
will be stored separately from the app itself.
The wallet is being designed with anonymity
and security in mind.
While the user experience will be seamless,
this encryption adds another layer of ad-
ditional security, however, no matter how
secure an online wallet or exchange is, pos-
sible security vulnerabilities inherently exist,
e.g., human error. With the growth of Alt-
coins and token sales, we noticed very few
options exist to store these coins offline.
Current is exploring the possibility of
providing the offline hardware needed for
token holders who meet a predefined thresh-
old for safer keeping.
32
Advisors and Investors
Mark Cuban
Owner, Dallas Mavericks,
Chairman, 2929 Entertainment
Investor, Innovator and Philanthropist.
Early in his career he sold his computer
consultancy, MicroSolutions, to Com-
puServe. As pioneer of digital media
broadcast, he later launched and sold
Broadcast.net to Yahoo. Beyond that,
2929 Entertainment owns and manages
AXS TV (previously HDNet). Current
owner of Dallas Mavericks.
John Wise
Founder, CEO Loci, Inc.
Redefining the world of innovation by
developing a platform technology which
maps the landscape of innovation. John
has extensive technical and engineering
management experience with a proven
track record of successfully creating,
developing, and implementing new pro-
ducts and services, managing org-
anizational and product growth, and
creating process improvements.
Daniel Hoffer
Founder, Couchsurfing,
Fmr. Partner, Tandem Capital
Investor, advisor, and strategic general
management expert with a passion for
both consumer and SAAS, especially in
the areas of online travel, marketplaces,
and sharing economy, among others.
Professional experience as a VC, For-
tune 500 product executive, and found-
er/CEO.
Galia Benartzi
Co-founder & Business
Development, Bancor Foundation
As a technology entrepreneur, she has
been building software startups since
2005. She has been through multiple
acquisitions, wind downs, venture cap-
ital financing and everything in be-
tween. She Co-founded Bancor, one of
the top 5 ICO’s of 2017. Studied at
Dartmouth College and Johns Hopkins
University.
Danny Johnson
CEO & Founder, PinkCoin
A champion for charities and those in
need of assistance, often donating his
time and energy to charitable efforts
which is rooted in the vision of Pinkcoin.
MBA from Hawaii Pacific University.
Gregg Latterman
Founder, Aware Records;
A-Squared Mgmt.
Gregg has spent over 20 years in the
music and entertainment industry.
Founder of Aware Records and A-
Squared Mgmt; signed Train, John
Mayer, Five for Fighting and Mat
Kearney, The Fray, Michelle Branch, Liz
Phair, Brandi Carlile, Jack's Mannequin,
etc. These artists have sold over 30
millions CD's, in addition to billions of
streams of their individual songs.
Eyal Hertzog
Chief Architect and Head of Product
Development, Bancor Foundation
A venture-backed technology entre-
preneur for over 20 years. Founder of
MetaCafe, Israel's fastest growing video
sharing site reaching over 50m uniques
before being acquired. Previously, Eyal
founded Contact Networks, one of the
first social networks in 1999. Eyal has
been an outspoken thought leader on
cryptocurrency in Israel.
Eric Gravengaard
Founder, Athena BitCoin,
Founder, BitQuick Exchange
Co-founder of several digital cur-rency
businesses including Red Leaf Advisors.
Helps small businesses, individuals, and
institutional investors purchase and
secure digital assets; Manages client
assets across multiple hedge fund strat-
egies; guides token issuers through the
process of launching their own digital
tokens (ICO, TGE, etc.).
Jim Gray
Founder, OptionsXpress
Jim serves as the Special Advisor of
Merrick Ventures, LLC and has more
than 25 years of experience in the
financial markets. Serves as Special
Advisor of Merrick Ventures, LLC.
Previously, the public company he
founded and acted as Chairman of,
OptionsXpress, was acquired by
Charles Schwab in 2012. Member of the
Chicagoland Entrepreneurial Center.
Dave Hoover
Co-founder, Dev Bootcamp,
Engineer, Augur, ConsenSys, Raise
With a background in Psychology,
Dave’s been an engineer ever since he
became interested in how technologists
become competent and keep up with
the constant change in the ecosystems.
Minority owner of 3 acquired com-
panies. Supports his 14 portfolio com-
panies.
Tony Simonovsky
ICO focused Growth Hacker,
KICKICO
Serial entrepreneur. Back in 2005 he
started his first business, providing SEO
services to clients in Moscow region. In
2012, he began applying data science to
online mar-keting. In the course of next
3 years he became a well-known expert
in the area and is now helping com-
panies worldwide become data-driven,
still living a life of a digital nomad.
33
Core Team and
Contributors
With four years of experience building consumer and media products, we have generated tens of
millions of app downloads & tens of millions in revenue. Our most recent exit was ranked amongst
Alexa’s Global Top 500 most trafficked websites.
Dan Novaes
Co-founder, CEO
Dan has been profiled in Forbes,
Entrepreneur, & Bloomberg TV for his
entrepreneurial achievements and
amassed a following of 1,200,000. He's
had two prior exits from companies
generating tens of millions in revenue.
Dan has been investing in the block-
chain space since 2013.
Seamus Doheny
Curation Director
Partner, Manifest Chicago
Seamus has years of experience in
the media space as a music video
producer for Towkio and an alumni of
Atlantic Records & OWSLA. At Cur-
rent he oversees artist partnerships,
creates original content, and main-
tains the highest curatorial standard.
Behavioral Economist,
UC Berkeley, PhD Candidate
Conducting research in Cognitive
Neuroscience and Behavioral Econ.
Previously, a Senior Associate at TGG
Group, an innovative consulting firm
founded by a handful of the world's
leading economists and psychologists
including Nobel Prize winner Daniel
Kahneman, Freakonomics author
Steven Levitt, and former Citigroup
CEO, Vikram Pandit.
Kiran Panesar
Co-founder, CTO
Kiran has built and overseen sites that
provide secure, scalable web services
for tens of thousands of concurrent
users, handling over 1 billion requests
per month. He’s passionate about
bringing the same scalability to decen-
tralized technology.
Steven Lee
Engineer
Steven is Lead iOS developer at
Current. He has performed research in
using machine learning combined with
predictive algorithms to analyze fi-
nancial data. Using his past knowledge
will be aiding in algorithm for providing
recommendations through Current.
Brian Ng
Economics & Mathematics,
University of Chicago
Data scientist and former economics
consultant at TGG, where he worked
with leading economists including
Nobel Prize winner Daniel Kahneman,
and Freakonomics author Steven Levitt.
Nick McEvily
Co-founder, CPO
With extensive experience leading
software and design teams for the last
eight years, Nick oversees the product
design and development at Current. He
has spoken on blockchain tech-nologies
and is an avid Ethereum and Bitcoin
investor.
Evgeny Yurtaev
CEO, Zerion.io
A FinTech entrepreneur, passionate
about combining theory with practice to
achieve outstanding results and always
straying from my comfort zone so as to
never stop evolving and learning.
Zerion.io is developing smart contracts
for blockchain platforms.
Steven Myers
Dir. of Sec. Pgms, Assoc. Prof. of C.S. &
Informatics, Indiana University
Expert in cryptography Complexity
Theory, Probabilistic Combinatorics,
Randomized Algorithms, Security, and
Systems Security. Co-author of “AN-
ONIZE: A Large-Scale Anony-mous
Survey System”, and “GPU and CPU
parallelization of honest-but-curious se-
cure two-party computation.”
Josh Moyer
Business & Marketing Mgr
Experienced across business develop-
ment, UI/UX, research, paid marketing,
growth and data analytics. Leveraging
his unique skill set, he’s driven hundreds
of thousands of downloads from the
13-24yr old demographic and fac-
ilitated partnerships with major in-
fluencers.
Alexey Bashlykov
Co-founder and CTO, Zerion.io
Blockchain Engineer
Zerion believes in a decentralized
future. We help innovative companies
to create blockchain-based products
that disrupt and disintermediate and we
empower the individual investor. A
dedicated, experienced, technologist
with the knowledge, network, and
integrity to help companies go from an
idea to success.
Amy Karr
Co-Founder, Arclydia,
Forbes 30 under 30 recipient
Crafted media messaging, strategic
content and data-driven creative
narratives for the last 8 years. Former
VP Content and Strategy Directory at
Starcom, Head of Strategic Partner-
ships for Hillary for America, and award
winning marketing strategist.
34
 CONTINUED FROM
Core Team and Contributors
Jill Richmond
SVP, SparkPR,
SparkChain
Advisor, consultant and thought-leader
on emerging technologies coming to
market, among them blockchain,
artificial intelligence and digital plat-
forms. Jill has over 15 years of ex-
perience focused on startups including
co-founding two, advising several,
helping talented CEO's bring products
to market.
Trey Ditto
Founder & CEO,
Ditto PR
Formerly with AP in Dallas, handled
communications for U.S. Congressman,
Governor, & U.S. Secretary of Ed.
Currently in NYC working with top PR
firms, developing a loyal following of
tech, policy, education, entertainment
and finance clients.
Ed Zitron
CEO & Founder, EZPR;
Top 50 People in Tech PR 3x
Author of 2 books, award winning PR
strategist and founder of EZPR. Pub-
lished by Forbes, The Wall Street Jour-
nal, Eurogamer, PC Gamer and PC Zone
35
Frequently Asked
Questions
Why does Current need to
use the blockchain to
accomplish its goals?
Current will utilize the bene-
fits of a blockchain across two
phases, first, enabling Current
to record user contributions
to the platform and reward
them for their time, attention,
and consumption. This will
continually evolve towards
using the blockchain to aid in
the decentralization and tran-
sparent distribution of con-
tent, payments, goods and
services.
Why did Current choose
Ethereum over another
blockchain?
The Ethereum network was
chosen because it is one of the
most robust blockchain plat-
form built for application inte-
gration along with the largest
development comm-unity
behind it.
The Ethereum foundation's
dedication to continually de-
velop and improve the under-
lying technology to improve
scaling issues make Ethereum
one of the most compelling
blockchain platforms to build
on top of. Our team has
closely been monitoring the
progress of Raiden and how
we can use state channels to
solve the scalability issues we
would be facing within Cur-
rent.
Is the Current platform
reliant solely on third
party API integrations?
Current launched stage one of
platform at the end of March
2017 with a mix of eight public
and private inte-grations, a
good portion of which we’ve
secured through direct par-
tnerships. All our integrated
partners are ben-efited as
they retain all the user in-
teractions, data, and revenue
from plays within Current, ie. a
play on Spotify still counts for
a play on Spotify and they get
paid on that stream.
Also, with the average session
duration in the Current app
being an average of 18 min-
utes and continually increas-
ing, these integrations can
expect to see longer time
spent on their respective net-
works and a better experience
for their users.
Our mission is not to canni-
balize our partner networks, in
fact we want our users to use
tokens for premium sub-
scriptions within these net-
works. This further benefits
these networks and the broad
industry as a whole, turning
free users into paying users. It
is important to note, that our
goal is to continue to add
content integrations as time
goes on, further decreasing
the impact of any one inte-
gration dropping from the
Current platform.
During final phase of the plat-
form, the Current platform
will have reached the critical
mass of users it needs to make
full use of our de-centralized
media integration that would
co-exist alongside the most
popular third party networks.
36
CONTINUED FROM
Frequently Asked Questions
How does Current’s
protocol account for new
integrations into the
platform?
When new integrations are
added, especially of a new
media type (like film for inst-
ance), the available pool of rel-
evant information grows and
therefore increases the brea-
dth of our recommendations.
We can catalogue and display
more content and therefore
keep users engaged longer.
This will in turn impact the
contribution coefficient assoc-
iated with each user and the
network as whole.
How are CRNC tokens
leaving Current’s platform?
Tokens purchased through the
token sale or earned from
their participation in the plat-
form through media con-
sumption will be able to ope-
nly trade their CRNC on par-
ticipating exchanges.
What is the total supply of
CRNC? Will Current ever
issue more?
The total supply of CRNC will
be limited at 1 billion tokens,
and we will never issue new
tokens after the token sale.
During the token sale, 35% of
all of the tokens will be avail-
able for purchase, and the
remainder will be earned
through a user's contribution
by consuming media. The rate
at which the user is able to
earn these tokens is depend-
ent on a variety of factors
outlined in the Token Dyn-
amics and Protocol section.
The CRNC tokens won’t leave
a user's wallet on the eco-
system until they’ve been sent
to a wallet on a partici-pating
secondary exchange, or are
placed in a participating or
proprietary offline wallet.
In the future, beyond phase 2,
tokens will be able to be spent
directly on other platforms for
premium services, content and
other goods. That said, once
the Current Ad Platform goes
live, these external services
can use their accumulated
CRNC on targeting display ad-
vertising within the Current
Platform.
How are CRNC tokens
redeemed in the platform?
Users are able to redeem their
CRNC for premium subscript-
ions to our media partners,
such as Spotify. The user
would select which service
they would like to redeem
their CRNC for and we would
provide a key to upgrade their
service on that network.
37
CONTINUED FROM
Frequently Asked Questions Cont. 1
How do you remove any
chances of users gaming or
abusing the system to
continually earn tokens?
To remove potential fraud
from “bad actors” the 8
variables outlined on page 10
of the Token Dynamics and
Protocol section that make up
our contribution coefficient are
designed in a way to automat-
ically detect and adjust the
rate at which the participant is
earning CRNC tokens. Should
a “bad actor” be automatically
detected, their contribution
coefficient will go to zero,
effectively earning the
participant zero CRNC tokens.
How many CRNC will be
issued during the Token
Sale?
350,000,000 CRNC tokens or
35% of the total supply of
tokens (1,000,000,000) will be
available during the crowd-
sale.
What is the minimum cap
goal for the Token Sale?
$5,000,000 USD
What is the hard cap for Is there a distribution
the Token Sale? schedule on the tokens
purchased during the pre-
$36,000,000 sale?
Who can participate in the In some cases, depending how
Token Sale? big of a bonus on CRNC
tokens you desire.
We want everyone to be able
to participate in our Token In order to be eligible for large
Sale and there are two ways to discounts on tokens purch-
participate. ased during the token sale you
will be subject to a distribution
1. You can either obtain period where you will be given
CRNC tokens by trading tokens on a pro-rata basis
in other forms of cryp- depending on your selected
tocurrency as part of the distribution period.
Token Sale (Public Pre-
sale, and Main Sale). What happens if we don’t
Participants from the meet our minimum cap
U.S.A. must be ac- goal?
credited to buy CRNC.
All transactions will be re-
2. Alternatively, anyone funded to the wallet address
can take part of the used in the transaction.
“Claim Your Wallet”
campaign without spen-
ding anything. Users
who claim their wallet
will be given a pre-
determined amount of
CRNC Tokens, distrib-
uted upon the launch of
the CRNC attribution
protocol.
What’s the minimum to
participate in the Token
Sale?
0.03 ETH
38
CONTINUED FROM
Frequently Asked Questions Cont. 2
How do I set up my wallet
on Current?
Once the CRNC wallets go
live, interested parties will be
directed to a portal where you
will be asked to claim and
generate your wallet. Once
the wallet has been generated,
you will be provided with a
seed phrase tied to that
specific wallet address. This is
something you’ll keep for your
records. Once that seed has
been generated, you’ll be
asked to enter a password.
After this process has been
completed, we will reward
that address with a pre-
determined amount of CRNC
tokens for doing so.
With your new wallet gen-
erated, you’ll be able to make
referrals to your friends to
earn additional tokens.
Why is there a decay rate
on CRNC tokens held in my
wallet?
In order to incentivize active
users on the platform, any
CRNC tokens held in an
account that goes inactive for
more than 6 months will begin
to decay; the decaying tokens
will then be transferred back
into the growth pool to
reward active participants.
A user will get a series of
alerts before this takes place.
The decay rate does not apply
to any tokens purchased
during the token sale, or
tokens transferred out and
held in an offline wallet.
The rates of decay at associate
intervals are as follows:
6 months @ 10%
month-over-month
Where can I learn more
about Current and CRNC?
Current Platform Website
http://current.us/
CRNC Token Sale Website
https://tokensale.current.us/
Telegram
http://bit.ly/2xWBPfH
Facebook
https://www.facebook.com/
CurrentCRNC
Twitter
https://twitter.com/
Current_CRNC
Medium
https://medium.com/
current-crnc
39
Appendix 1: Comparative
Analysis and Token Dynamics
Spotify We assume the average play generates
$0.006 in royalties (industry eCPM):
As Spotify isn’t publicly traded, we rely here
on news reports of Spotify’s financials 21. Number of plays per average user
reported to its Luxembourg parent. per year:

Spotify ended 2016 with 126 million monthly

active users, with 78 million (62%) free-tier
users and 48 million (38%) paid subscriptions. Assuming that consumer valuations for
However, 89.9% of its revenue, 2.64bn Eur., is Spotify Premium are solely driven by the
driven by paid subscriptions. Due to cost of avoidance of ads (aside from other benefits,
revenues, the gross profit on premium for instance mobile app usage or higher audio
subscriptions was €483.8m, while Spotify’s quality):
ad-supported business recorded a gross loss
of €33.3m. Number of plays per average user
per year:
We assume that cost of revenue is driven by
streaming royalties to record labels, PROs,
back-office services, and publishers, approx-
imated on a per-play basis. We use a EUR-
USD conversion rate of 1:1.2.
Thus we estimate that Spotify Premium users
overvalue each stream around 35% as
Total Cost of Revenue compared to free tier users
Premium: 2,640 - 483.8 = €2,156m
Free: 295 - (-33.3) = €328.3m

Estimated Cost of Revenue per User

per Year:

40
CONTINUED FROM
Appendix 1: Comparative Analysis and Token Dynamics Cont. 1
Pandora
Pandora, in contrast with streaming music
providers like Spotify and Current, acts as an
internet radio provider -- which means its
royalty and distribution model is somewhat
different, and we track listener time, rather
than number of legitimate plays. These figures
are quoted from its financial statements: the
2016 10-K and 2016 Q3 10-Q.22
Like Spotify, there are more Pandora
subscribers than there are free-tier. There
were 74.5M free-tier users, and 4.39M
subscribers in 2016. Its subscription-based
service logged 2.79B total listener hours, as
compared to 19.17B on the free advertising
tier.
We use the RPM metric (revenue per
thousand listening-hours) provided on the
Pandora 10-K (only the first nine months are
included, because the RPM metric is
abandoned after Q3 2016):
Advertising based RPM
Subscription based RPM
By comparison - 80.98/58.10 - we arrive at an
estimate of roughly a 39.4% increase in
revenue per listening hour with the
subscription viz. An advertising model. Keep
in mind that Current’s RPM is slightly
different than Pandora’s RPM in the sense
that we have an enforced 30-sec minimum
per track when counting listener time.
Behavioral Dynamics
Why do users pay more for subscriptions to
get rid of ads?
1. Mental accounting. Individuals often
assign expenditures to specific ac-
counts, and constrain their spending
differently across accounts in ways
that often violate the economic prin-
ciple of fungibility.23 Instead of viewing
ads, which is a constantly salient ex-
penditure of “attention,” users may file
streaming subscription renewal fees
under a “utilities” bucket, a decision
frame in which expenditure “matters
less.”
2. Salience. Advertising is a continuous
demand on attention, whereas a mon-
thly fee is a less salient, one-off expen-
diture.
Why are there always more free-tier users
than subscribers?
1. Consumers view free prices more
highly irrespective of cost-benefit dif-
ference.24 By being free to use, Cur-
rent leverages the “free” effect to
make everyone subscribers.
2. Frictions for payment, like credit card
validation and service fees, exist for
currency transactions. Using CRNC
tokens removes the frictions of small
payments.
41
CONTINUED FROM
Appendix 1: Comparative Analysis and Token Dynamics Cont. 2

Token Dynamics Visualization

We calculate a rough projection for hours of
play each day on the Current network by
approximating an exponential growth rate,
using figures from internal projections. We
start with a rough projection for total hours of
play by all users each day at 180 hours, high
exponential growth in the first two months,
and 25% per month for the first year. The
block reward decreases over time linearly as
more tokens are mined. We estimate the
change of block reward using the block re- We use our Spotify estimate of revenue per
ward equation, and assuming that the growth hour of legitimate plays ($0.12) divided by
pool stays at 4% of mined tokens. average token award (0.25) to arrive at a
starting price estimate of $0.48 per token. As
As total blocks mined increases exponentially one token roughly represents how much
over time, block reward per hour of streaming economic value one hour of listening brings,
decreases exponentially: so we estimate the price of a token given that
it equals the revenue brought by its equiv-
alent in Spotify listener time:

Afterwards, we estimate the token reward

per listener hour. Using our Spotify average
play revenue estimates from page 38 (an
eCPM of $0.006/legitimate play), and minute
length (3 minutes) and average contribution
coefficient (0.5), we estimate the average
token reward per hour the average listener
listens.
Given that the average price of a Spotify
subscription is $5.78, 25 we estimate that the
number of legitimate listening hours for a
consumer to earn back a subscription is 43.7
hours.

42
Appendix 2:
Decentralized Media
It is cost prohibitive to store large amounts of
data on the Ethereum blockchain. The
InterPlanetary File System (IPFS) makes it
possible to do so while maintaining a
decentralized network. IPFS is a peer-to-peer
distributed file system that connects all
computing devices with the same system of
files. The files are addressed by the hash of
their content as opposed to a centrally-
controlled location. The diagram below shows
how nodes access data with IPFS vs the de
facto HTTP protocol.
IPFS will serve as the data storage layer of the
Current platform. Current will offer users
CRNC as an incentive to provide storage of
uploaded files on the network powered by
IPFS. If needed, Current may implement
additional storage measures via services like
Filecoin 26 or IPFSstore 27 where a negligible
tariff per media item sold would be imposed
on the creator and paid to whomever is
hosting the content for the network on the
aforementioned services.
In order for the system to operate, Current
must also implement a logic layer, done via
Ethereum smart contracts. The contracts
provide creators with the appropriate pay-
ments for their content in a fair and trans-
parent way. To control access to IPFS-hosted
content, we employ an asymmetric en-
cryption mechanism. All files uploaded to the
Current IPFS network are first encrypted by
the Current Foundation's public key. This can
be performed in the iOS application, and
avoids any single point of failure.
When a user wants to download a track, the
IPFS address hash is sent to the Current API
which will load the file from the IPFS network,
decrypt it using the Current Foundation's
private key. The track will then be re-
encrypted using the user's public key, and
then provided to the user.
This final step presently requires interaction
with our centralized API. While we have
focused on building a stable, redundant sys-
tem we recognize that this presents a possible
single point of failure in the network. Before
this phase of the platform is implemented (est.
Q1, 2019), we expect to see advancements in
the IPFS platform to allow for more fine-
grained access controls to be included in the
filesystem. This would allow us to employ a
fully-decentralized content distribution sys-
tem.
Centralized vs. Decetralized
Computing Model
A centralized architecture represents a multiple client
to single server model where the server computer is
the one where all of the major processing or storage is
done. A decentralized architecture allows for pro-
cessing to be distributed among multiple computeing
nodes with no single server machine solely responsible
for all the processing.
43
 CONTINUED FROM
Appendix 2: Beyond Phase 3 Cont. 1

Uploading Content

6 ID confirmation 1 Encrypt track with public key

x3yz10qp409er69hgjm3

5 IPFS address written 2 Encrypted track file

Smart contract on blockchain Encryption
Client Code

4 Return IPFS hash 3 Upload the encrypted file

for encrypted file

IPFS Database

Accessing Content

4 Fetch File 3 IPFS Address 2 List of IPFS addresses

x3yz10qp409er69hgjm3

5 Encrypted 8 Return 1 Request list of tracks

File Current API Encrypted
Smart contract
File Client

IPFS Database 6 Decrypt 7 Re-encrypt

w/Current w/Users
Private Key Public Key

Encryption
Code

44
Endnotes

1 "Current - The World's First Universal Media Platform." Current.us. March 2017. Accessed
November 29, 2017. http://www.current.us/. Currently integrating 8 network’s: YouTube,
Spotify, Apple Music, Soundcloud, 8Tracks, Internet Radio, Facebook, and Twitter.

2 Hachman, Mark. "The price of free: how Apple, Facebook, Microsoft and Google sell you to
advertisers." PCWorld. October 01, 2015. Accessed November 29, 2017.
https://www.pcworld.com/article/2986988/privacy/the-price-of-free-how-apple-facebook-
microsoft-and-google-sell-you-to-advertisers.html.

3 Tirico, Klaudia. "Study: Gen Z Wields $44 Billion In Buying Power Featured." Study: Gen Z Wields
$44 Billion In Buying Power - Retail TouchPoints. January 23, 2017. Accessed November 29,
2017. https://www.retailtouchpoints.com/features/industry-insights/study-gen-z-wields-44-
billion-in-buying-power.

4 Plaugic, Lizzie. "Google released a guide to teens - who suspiciously love Google." The Verge. April
03, 2017. Accessed November 29, 2017. https://www.theverge.com/2017/4/3/15165224/
google-guide-to-teens-its-lit-gen-z.

5 The initial wave of token sales bred complex concepts that require a high level of technical
comprehension with future communities in mind rather than focusing on adoption strategies.

6 Klotzbach, Chris. "Enter the Matrix: App Retention and Engagement." Flurry Blog. May 12, 2016.
Accessed November 29, 2017. http://flurrymobile.tumblr.com/post/144245637325/appmatrix.

7 Tual, Stephan. "What are State Channels?" Stephan Tual's Blog. January 03, 2017. Accessed
November 29, 2017. https://blog.stephantual.com/what-are-state-channels-32a81f7accab.

8 "Raiden Overview." Raiden Network. September 2017. Accessed November 29, 2017.
https://raiden.network/faq.html. Raiden Network is an off-chain transfer network for Ethereum
ERC20 tokens.

9 Beal, Vangie. "What is API - Application Program Interface?" Webopedia. Accessed November
29, 2017. http://www.webopedia.com/TERM/A/API.html.

10 Current is backed by several well-known investors and was founded in late 2015.

45
 CONTINUED FROM
Endnotes

11 Krishna, Dilip, Nancy Albinson, Yang Chu, Joseph Burdis, Ed Hida, Ryan Hittner, Priyanka
Priyadarshini, Martin Rogulja, Irfan Saif, and Tanmay Tapase. "Managing algorithmic risks
Safeguarding the use of complex algorithms and machine learning." Deloitte Risk and Financial
Advisory, 2017. 2017. Accessed November 29, 2017. https://www2.deloitte.com/content/dam/
Deloitte/us/Documents/risk/us-risk-algorithmic-machine-learning-risk-management.pdf.

12 C.S. "Raiden Network - Fast, cheap, scalable token transfers for Ethereum." Raiden Network -
Fast, cheap, scalable token transfers for Ethereum. September 2017. Accessed November 29,
2017. https://raiden.network/.

13 Bolt, Wilko, and Maarten R.C. Van Oordt. "On the Value of Virtual Currencies." On the Value of
Virtual Currencies, August 2016, 0-44. August 2016. Accessed November 29, 2017.
http://www.bankofcanada.ca/wp-content/uploads/2016/08/swp2016-42.pdf.

14 Fisher, Irving, and Harry G. Brown. The Purchasing Power of Money: Its Determination and
Relation to Credit, Interest and Crises. New York, NY: The Macmillan Company, 1922. September
2011. Accessed November 29, 2017. https://eet.pixel-online.org/files/etranslation/original/
Fisher%20The%20Purchasing%20Power%20of%20Money.pdf.

15 Lazaroff, Leon. "Here's how Pandora and Spotify plan to finally make money." TheStreet.
September 20, 2016. Accessed November 29, 2017. https://www.thestreet.com/story/
13721011/1/here-s-how-pandora-and-spotify-plan-to-finally-make-money.html.

16 "Buffer's Transparency Dashboard." Default to Transparency. 2017. Accessed November 29,

2017. https://buffer.com/transparency.

17 "Building Fundamental Value." Kin White Paper, Kik Interactive, Inc. May 2017. Accessed
November 29, 2017. https://kin.kik.com/papers/Kin_Whitepaper_V1_English.pdf.

18 “Basic Attention Token (BAT) Blockchain Based Digital Advertising” Basic Attention Token White
Paper, Brave Software. May 29, 2017. Accessed November 29, 2017.
https://basicattentiontoken.org/BasicAttentionTokenWhitePaper-4.pdf.

19 "Steem An Incentivized, Blockchain-Based, Public Content Platform." Steem White Paper,

Steem.io. August 2017. Accessed November 29, 2017. https://steem.io/SteemWhitePaper.pdf.

46
 CONTINUED FROM
Endnotes

20 Hohenberger, Susan, Steven Myers, Rafael Pass, and Abhi Shelat. "ANONIZE: A Large-Scale
Anonymous Survey System." 2014 IEEE Symposium on Security and Privacy, 2014. July 6, 2015.
Accessed November 29, 2017. https://eprint.iacr.org/2015/681.pdf.

21 Dredge, Stuart. "Spotify Financials Reveal A €539.2m Net Loss in 2016." Spotify Financials Reveal
A €539.2m Net Loss in 2016. July 15, 2017. Accessed November 29, 2017.
http://musically.com/2017/06/15/spotify-financials-reveal-e539-2m-net-loss-2016/.

22 "SEC Filings." Pandora - Investor Relations. October 27, 2016. Accessed November 29, 2017.
http://investor.pandora.com/.

23 Thaler, Richard H. "Mental accounting matters." Journal of Behavioral Decision Making. July 19,
1999. Accessed November 29, 2017. http://onlinelibrary.wiley.com/doi/10.1002/
(SICI)1099-0771(199909)12:3%3C183::AID-BDM318%3E3.0.CO;2-F/abstract.

24 Shampanier, Kristina, Nina Mazar, and Dan Ariely. "Zero as a Special Price: The True Value of
Free Products." Marketing Science 26, no. 6 (December 14, 2004): 427-757. November 1, 2007.
Accessed November 29, 2017. doi:10.1287/mksc.1060.0254.

25 Ingham, Tim. "Spotify's Average Subscriber Paid 5% Less Last Year - But Premium Conversion
Grew 7%." Music Business Worldwide. June 03, 2016. Accessed November 29, 2017.
https://www.musicbusinessworldwide.com/average-spotify-subscriber-paid-5-78-month-2015/.

26 “Filecoin: A Decentralized Storage Network” Filecoin White Paper, Protocol Labs. Aug 14, 2017.
Accessed November 29, 2017. https://filecoin.io/filecoin.pdf.

27 "IPFSstore IPFS File Hosting." IPFSstore. 2017. Accessed November 29, 2017.
https://ipfsstore.it/about.php.

47